Thailand Emphasizes Promoting Investment Projects of High Quality and Ease of Doing Business

By   /  May 14, 2017  /  Comments Off on Thailand Emphasizes Promoting Investment Projects of High Quality and Ease of Doing Business

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MIL OSI Asia Pacific

Source: Government Of Thailand

Headline: Thailand Emphasizes Promoting Investment Projects of High Quality and Ease of Doing Business

Thailand is focusing on improving services for ease of doing business. It has issued various measures to promote investment in research and development, human resource development, and high-tech industries.

Minister to the Prime Ministers Office Suvit Maesincee said that after the Board of Investment (BOI) had announced its seven-year Investment Promotion Strategy, 2015-2021, Thailand began placing greater emphasis on promoting investment projects of high quality, or industries that would create higher value for the countrys economic system.

He said that, over the years, many startups in the digital industry have sought BOI promotional privileges. Although the value of project applications is not high, these projects can create innovation and generate more value in the future.

For instance, from 2015 to March 2017, a total of 43 research and development projects, worth 6.4 billion baht, submitted proposals for promotional privileges. During the same period, 455 software development projects, with a combined investment of four billion baht, submitted their applications.

Mr. Suvit said that the Government attached great importance to eliminating obstacles to investment in order to facilitate business operations. It enacted the Licensing Facilitation Act in 2015. The law sets steps and periods of time for relevant agencies to consider applications for official permission.

With this Act, people will find it easier to seek official permission from all government agencies in Thailand. Several laws have also been amended to improve the public sectors services for ease of doing business.

He said that the Government was also accelerating the development of the Eastern Economic Corridor Project, which would help stimulate investment in projects of high quality in the long run.

Meanwhile, BOI Secretary-General Hirunya Suchinai said that from 2016 to the first quarter of 2017, Thailands investment value amounted to 570 billion baht. In the first quarter of this year, BOI received 293 applications, worth 61,980 million baht. The largest group of foreign investors was Japan, followed by Hong Kong, Singapore, and Malaysia. About 55 percent of the value of project applications involves 10 target industries.

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